The Role of Economic Diplomacy in Facilitating a Balanced Dialogue between the States of the Global North and South

Abstract

This article explores the pivotal role of economic diplomacy in fostering a balanced dialogue between the Global North and South, aiming to bridge economic imbalances. It emphasizes economic diplomacy’s function across trade negotiations, foreign direct investment attraction, and technology transfer, recognizing these as crucial for developing countries’ growth and global market participation. The text highlights successful initiatives, including the ASEAN-EU partnership, China’s Belt and Road Initiative, and the application of digital tools like Ukraine’s Nazovni platform to facilitate international trade and investment. Furthermore, it underscores the importance of economic diplomacy in advancing sustainable development and addressing global challenges like climate change.